1/ Finance Magnates reported yesterday that "UK Regulator Said Crypto Exchange Binance is Now Compliant"
Here's the link to that - financemagnates.com/cryptocurrency…
Won't lie, I was skeptical at first - but appears there's some credence to this headline.
2/ Cutting to the chase here - let's revisit the original notice the FCA published against @Binance on June 25th, 2021.
If you look closely, you'll notice the press release was last updated August 25th, 2021 (yesterday).
3/ Let's check out the 'FCA Register' for 'Binance Markets Ltd.' first (via the FCA's registry) - register.fca.org.uk/s/firm?id=001b…
Curiously, on the FCA's site...it does state that, "This firm is authorised for specific activities and product types" (doesn't specify what those are)
4/ Scrolling further down on that site, there's additional information about @Binance.
Honestly shocked that @binance was somehow able to resolve w/e issues they had with the FCA in less than two months...
5/ Let's not forget that @Binance literally could not obtain *any* banking in the UK just *two* short months ago.
HSBC, Santander, NatWest *and* Barclays all announced they were dropping @Binance as a client *last month!*
6/ What's even crazier is that @Binance reinstated their GBP deposits *and* withdrawals yesterday (Aug. 25th, 2021).
How has @Binance managed to slide under the radar with this? No matter - let's continue on.
7/ Going back to that FCA compliance check page - let's see what "restrictions" are imposed on the @Binance UK entity (if any at all).
7a/ Appears the first stipulation states @binance can't operate as a fractional reserve. Meh - nothing.
8/ Here's the other stipulation imposed on @Binance
Essentially just restricts them from 'promoting' or 'accepting' "any new applications for lending by retail customers through the operation of its Electronic Lending System" (?)
9/ Moving further along here, there's a section titled, 'Activities and services' where the FCA claims to provide greater info about what "regulated activities...this firm has FCA and/or PRA permission to provide" (among other info)
9a/ Expanding from there, a list of 9 individuals whom (don't expect to find them all in these four pictures ; this information can be extracted easily from the FCA's site though.
10/ Curiously, it appears that @binance is still allowed to operate in 'Gibraltar', specifically.
11/ Since we're here, we might as well be thorough! Let's check out who @Binance is "connected to" (according to the FCA).
Their records currently identify:
- Arch Emerging Markets Partner Ltd.
- ViCoHo Reg. Services Ltd.
12/ Last but not least, we can see that the FCA has been the sole overseers of @Binance's fate
FCA's final action on @binance seems ridiculously light when considering the fact that the exchange nearly lost *all* of its banking partners over the past two months alone.
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.